Overview
Guarantees
Backed by the Commonwealth of Virginia
State legislation provides a statutory guarantee in each year’s state budget to cover VPEP’s contractual obligations in the event of a funding shortfall. This provision can only be changed by the Virginia General Assembly, subject to the Governor’s veto, and the General Assembly’s ability to override a veto.
VPEP Benefits
In-state undergraduate tuition and all mandatory fees
Undergraduate tuition and all mandatory fees at Virginia public community colleges and four-year colleges and universities for the normal full-time course load for students enrolled in a general course of study. The number of credit hours that constitutes a full-time course load varies by higher education institution.
Use VPEP around the world
VPEP benefits may also be applied toward the cost of tuition and fees (both undergraduate and graduate) at any eligible educational institution, including Virginia private schools, certain private career schools, and out-of-state schools, although full coverage of these costs is not guaranteed.
Account owners may determine the eligibility of a specific higher education institution by visiting the Federal Student Aid website.
Restrictions and Exclusions
Tuition and mandatory fees does not include laboratory fees, course-specific or optional fees, room and board, transportation, computers, books or any fees not listed on the school’s invoice.
If there are additional charges for a specific course of study, such as nursing or engineering, or for more than a full-time course load, these additional costs are not covered by VPEP.
Ownership of a VPEP contract has no bearing on the admissions process at Virginia colleges or those elsewhere. A student must apply to and be accepted by the school he or she wishes to attend.
Who is eligible for VPEP
Newborns through ninth graders are eligible Beneficiaries. Either the account owner or the beneficiary must be a Virginia resident at the time the application is signed. Account owners and beneficiaries must be U.S. citizens or legal residents. Corporations, partnerships, and trusts can also be account owners.
Payment Plans & Pricing
Choose the option that suits your budget best
VPEP offers three payment plans:
- Lump Sum Payment: A single payment amount.
- Five Year Payment Plan: A 60 month payment plan (available only for children who have not yet completed the seventh grade).
- Extended Payment Plan: Equal monthly payments until the child reaches college age. The last payment will be due on June 1st of the year the student is expected to enroll in college.
Monthly payments include an interest component since the full contract purchase price is not available for immediate investment on your behalf. This year it is 8 percent. Account owners enrolling in future years may have payments that reflect a different rate, determined annually with new pricing by VPEP’s actuaries. However, once you enroll, the imputed interest rate in your contract payments will not change. All refunds include the interest component of your monthly payment. The amount of interest in your monthly payments is invested on your behalf and becomes part of the purchase price of your contract for all future calculations.
Pricing for VPEP can change with each enrollment period.
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